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Non-Tech : Resource Mortgage Capital, Inc (RMR - NYSE)
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To: Greg Gregoire who wrote (21)12/31/1996 10:54:00 PM
From: charles chesnut   of 34
 
Hi Greg

Glad to see you buying back along with our "large" friend who purchased 300,000 shares. We need to see what happens over the next week to see if there's any follow-up to anyone taking a LT position. The large buyer could have been buying (1) for the same reason you did - to take advantage of the dividend, or (2) for window dressing, or (3) both. Really hard to decipher large stock trades of this type in December. Remember the dividend yield is about 8.4% :).

On the other hand, RMR is trading at a PE of 9.9 compared to 17.7 for the RE SubIndustry category in which it is placed. A discount of 44%. And that's with the stock right at a 52 week high. When I started buying in May 1995, I set a soft sell target of $28/share and a hard sell target of $32/share. With the continued growth in earnings, net revenues and dividends, combined with the current interest rate scenario I will continue to hold all my shares for the next quarter and re-evaluate in March.

Had a few extra k this week so I purchased some more shares of CYTO. LT buy with risk - will either be a grand slam or a long single. Target date 18 months out. Still holding all my stocks at this time.

Have a Happy & Safe New Years.

Talk to ya in 1997.

Charles
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